Tuesday, March 24, 2015

FHA Handbook 4000.1

Remember when keeping track of the FHA appraisal requirements meant sifting through the 4150.2 handbook, but then having to review all the Mortgagee Letters to see what had been changed?  Well no more.  HUD has just released their newly revised and updated Single Family Housing Policy Handbook 4000.1.

This handbook replaces the 4150.2 handbook and includes the Mortgagee Letter changes so as to become your one stop shop for appraisal policy.  The book was issued in March of 2015, with most of the changes to take effect on June 15, 2015.

The handbook is much like Fannie Mae's Selling Guide in that it includes policies for not only appraisers, but lenders, originators and closers.  So as an appraiser you likely do not need to read all 539 pages (unless you are suffering from insomnia and looking for a cure).  The good stuff for appraisers is found in Section II. B.  starting on page 421.

Enjoy!